Top 5 Affordable Neighbourhoods in Toronto for Buying a Home

If you’re an aspiring homeowner reading the news surrounding Toronto’s hot real estate market, you may be feeling discouraged… we know, the struggle is real!

Despite measures aimed at cooling the market last year, prices are still high enough that many first-time buyers are considering looking well outside of the city for a home. If you’re struggling to find the perfect home within your budget, you’re not alone.  

Luckily, affordable neighbourhoods in Toronto still exist. You just have to know where to look. Toronto’s savviest buyers are browsing up-and-coming neighbourhoods to find hidden gems in their price range that will have good long-term investment value, and help them achieve their dreams of owning.

The catch? Listings move quickly. Most of the following are already on their way to being sold, but they’re great examples of what you can find in your price range in some lesser-known affordable neighbourhoods in Toronto.

What Does Downtown Look Like Right Now?

While you can still find “affordable” homes in downtown Toronto, the major sacrifice is, of course, square footage. Your best bet may be a condo when it comes to the heart of the city, and listings under half a million can be a rare find. These require a skilled, efficient agent to score the listing.

Here’s a rare gem on Niagara street in downtown, listed for $479,000.  It’s a one-bedroom, 600 sq.ft condo, with monthly maintenance fees of $345.25/month.

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As for the rest of Toronto? Here’s our list of Top 5 desirable neighbourhoods for affordable square footage.

South Riverdale

Abundant greenspace, gorgeous architecture, and busy shopping and best of all, one of the most affordable neighbourhoods in Toronto still — Riverdale truly has it all, and buyers are catching on. This picturesque neighbourhood has become a hot commodity with families looking for a little more space.

Fortunately, while homes in the northern region of Riverdale may be out of reach for some buyers, South Riverdale has remained relatively affordable. We don’t expect this to last long. The area is chock full of construction, which is a sure sign of increasing value over time.

You’re looking at paying $500,000 for a one-bedroom, one-bathroom condo, and upwards of $1.5 million for a detached home. Check out these options:

For under $600,000

This sleek and stylish two-bedroom condo on Carlaw was recently listed for $579,000. This beauty has floor-to-ceiling windows, an exposed concrete ceiling, and a terrace. One downside? Parking isn’t included.

Fortunately, at this price point, paying for parking probably won’t break the bank. This is one of those spaces that proves that condo living can work for families and young professionals alike.

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For under $1,000,000

This beautiful three-bedroom home was recently listed in Leslieville for $749,000. With two storeys, three bathrooms, a sprawling main floor, and a quiet outdoor oasis, it has enough space for a whole family to relax.

Plus, it has a basement 1-bedroom suite with a separate entrance. Located on Pape Avenue, this gem is close to schools, shops, grocery stores—everything a family could ask for.    

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Regent Park

It’s rare to find a Toronto neighbourhood that’s both affordable and close to downtown, but Regent Park fits the bill. In addition to its central location, this diverse region offers incredible community amenities.

From an award-winning arts and culture facility to sprawling athletics grounds and even a new aquatic centre, Regent Park is equipped to keep community members of all ages active and engaged.  

A spate of trendy coffee shops and restaurants have also popped up in the area, making this neighbourhood an exciting place to explore. Those in the know are heading east of downtown to check out all that the Regent Park area has to offer.

As one of the best affordable neighbourhoods in Toronto, you can get a one-bedroom condo in Regent Park for less than $500,000.  Three and 4-bedrooms will put you right up to the $1-million mark. Check out these options:

For under $600,000

For $560,000, you can move into a two-bedroom, two-bathroom condo on Sumach Street. With a balcony, ensuite laundry, and a concierge, this condo could be a great starter home.

It’s also conveniently located near the area’s aquatic centre as well as a number of grocery stores, shops, and restaurants.  At just under 800 square feet, this space is relatively small. Still, this cozy gem is great value for such a short commute.

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For under $1,000,000

This recently-listed Victorian-style townhouse with four bedrooms and two bathrooms is going for $999,900. At 1470 square feet, this home on Primrose Street gives potential buyers a lot of space to work with.

With a gorgeous red brick exterior and hardwood floors inside, this listing proves that beautiful and reasonably-priced spaces still exist close to downtown.

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Rockcliffe-Smythe

Rockcliffe-Smythe is a sometimes overlooked neighbourhood, but it shouldn’t be. A neighbour to the rapidly-revitalizing Junction and just a short jump away to High Park North, Rockcliffe-Smythe is poised to evolve over the next decade. If you decide on a home here, get ready to witness some exciting area development.

In Rockcliffe-Smythe, a modern, updated detached home will set you back about $1-million. Condos hover between the $400,000 and $600,000 mark, depending on the size and its age. Check out these options for one of the most affordable neighbourhoods in Toronto:

For under $600,000

For $580,000 you could own a fully-renovated, two-bedroom condo on Scarlett Road. This space has a massive kitchen with quartz countertops and new appliances. It also offers a fantastic view of the Humber River from a large balcony, which overlooks award-winning landscaping.

As a modern condo with lots of space and two bedrooms, this comfortable pad could provide a great stepping stone towards owning a house in the future.

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For under $1,000,000

This spacious detached house on Lambton Ave will only set you back $879,000 — far below what you would expect to pay in the neighbouring Junction. While this home may not get a ton of natural light, it does have a balcony and a kitchen with granite countertops and stainless steel appliances.

The basement also has a separate entrance and can be rented out as an apartment. This home’s impressive square footage with an income-producing suite is a great option for first- and second-home buyers.

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Malvern

To the northeast, you’ll find Malvern—one of the most affordable neighbourhoods in Toronto where you can still get a whole lot of value on a limited budget.

Natural beauty is a big draw in this community, which is full of green space, woodland, and mature trees. It’s also a decent choice for commuters, as it’s close to the 401 (and the 403 isn’t far either).  Family-friendly attractions include the Malvern Sports Complex and the nearby Toronto Zoo.

In Malvern, you can get a bungalow for under $800,000, and a large, modern-construction home for just over the $1-million mark. Check out these options:

For under $600,000

In Malvern, $489,900 can get you a four-bedroom, three-storey townhouse that’s perfect for first-time buyers. While not everyone will love the laminate flooring, this home has a strong aesthetic appeal, and it was perfectly maintained by its previous owner.

Its location is another perk: this townhouse is near must-have amenities like shopping plaza, grocery stores, and a medical office.

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For under $1,000,000

A large four-bedroom house with a landscaped lawn could be yours for $699,000. Located on Tillbrook Court, this spacious home has hardwood floors, a landscaped backyard, and some really unique inside features.

Some areas of the house don’t receive as much natural light as others, but every room is beautifully finished. It’s also close to schools, shops, and parks—as well as the 401.  

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Dovercourt Wallace Emerson

The name of this neighbourhood keeps changing, as does its identity. With walkable, tree-lined streets, tons of indie shops, and a hip, artistic local culture, the area won’t be affordable for long.  Care for a closer neighbourhood snapshot? I’ve got a whole page dedicated to the area here. 

It may have even passed its affordability point of being one of the best affordable neighbourhoods in Toronto. But since it’s a neighbourhood in transition, inexpensive properties are still cropping up, especially in older and non-updated homes.

In Dovercourt Wallace Emerson, a detached home is around $1.5-2 million, while condos are between $350,000 and $500,000. Check out this option:

For under $800,000

In Dovercourt Wallace Emerson, list prices don’t tell the whole story. This gorgeous 2-storey, semi-detached home on Bartlett was listed for $599,000 which got snapped up for just under $800,000 a week later.

It goes to show that there are properties available all over the city for a better price than a condo. You just have to know where to look. These listings can be pretty rare, so you’ll have to find an agent who knows the area inside and out.

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Don’t Give Up on Your Search

There’s one other thing that impacts how you find cheaper real estate, and that’s move-in condition. If you’re willing to renovate, your options broaden significantly. While these unicorns only appear once in a while, a great agent can scoop one out for you if they know where to look!

The neighbourhoods above represent a small sampling of the beautiful properties you’ll find around Toronto. Whether you’re looking for green space, urban vibrance, or first-class amenities, you can find affordable housing that meets your criteria right here in the GTA. You just have to know where to look. Consider expanding your search to include areas that typically fly under the radar and are more affordable neighbourhoods in Toronto. It might just be one of the best decisions you’ve ever made.

Looking to find a dream home within your budget? I’d love to help. Reach me by email at Alex@AlexBeauregard.com and I’ll get you started on finding the perfect place for you.

 


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